BrokAIr Reviews

Fifth Third Bank Review

"Fifth Third Bank is known for its competitive pricing, but their customer service is often lacking and their fees are higher than that of its competitors." How can Fifth Third Bank better serve its customers and still remain competitive?

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Fifth Third Bank Overview

Fifth Third Bank is one of the largest banks in the United States, with more than 1,200 branches across twelve states. Fifth Third Bank offers a variety of products and services, including personal banking and checking, savings, mortgages, and business banking. The company was founded in 1858 as the Bank of the Ohio Valley and has grown to become one of the largest banking institutions in America.

Pros & Cons

Founders

Fifth Third Bank was founded by Corbin G. Fenton and Charles F. Mercer in 1858. It was originally named the Bank of the Ohio Valley and later changed its name to Fifth Third Bank in 1969. In 1995, Fifth Third Bancorp was established as a holding company for the bank. The company is still owned by its founders’ families.

Public Opinion

Public opinion of Fifth Third Bank is generally positive. Customers appreciate their wide range of products and services, competitive interest rates on deposit accounts, and focus on customer service. However, customers also cite high fees for some services and low interest rates on loan products as drawbacks.

News Events

In 2019, Fifth Third Bank was fined $5 million by the Consumer Financial Protection Bureau (CFPB) for violating disclosure requirements related to deposit account agreements. The CFPB found that Fifth Third had not provided customers with accurate information about their rights and duties under certain deposit account agreements. Additionally, in 2020, Fifth Third Bank was sued by the Department of Justice for allegedly discriminating against women borrowers in violation of the Equal Credit Opportunity Act (ECOA). The lawsuit alleged that Fifth Third charged women borrowers higher fees than men borrowers on mortgage loans from 2015 to 2019. Overall, Fifth Third Bank is a well-respected banking institution with a long history and a wide range of products and services. While customers cite some drawbacks such as high fees for some services and low interest rates on loans, most customers are generally satisfied with their experience with Fifth Third Bank.